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Novartis CFO Harry Kirsch. Photo: Ruben Sprich/AFP via Getty Images

The new FDA-approved drug from Amgen and Novartis that treats migraines, Aimovig, is the perfect example of why being the first in line for any new drug approval is so important.

Why it matters: Getting out of the gate first and pricing below independent cost-effectiveness estimates may give the pharmaceutical giants the upper hand even once the other migraine drugs hit the market.

How it happens:

  • Eli Lilly, Teva Pharmaceuticals and Alder Biopharmaceuticals are each coming out with their own versions of similar medications.
  • Amgen set the list price of Aimovig at $6,900 annually (an amount that doesn’t reflect discounts or rebates), which was about 30% less than what Wall Street expected, per Damian Garde at STAT.
  • “The first-mover advantage for (Amgen and Novartis) will allow for them to frame the payer discussions and gain initial traction in the marketplace,” Vamil Divan of Credit Suisse wrote to investors.
  • Amgen will “ultimately retain 35–40% market share long-term” because it was first, and could lead to $1.8 billion of peak annual sales, Geoffrey Porges of Leerink Partners said in an investor note.

Go deeper: Researchers continue seeking new clues on how heredity may play a role in migraines.

Go deeper

Texas early voting surpasses 2016's total turnout

Early voting in Austin earlier this month. Photo: Sergio Flores/Getty Images

Texas' early and mail-in voting totals for the 2020 election have surpassed the state's total voter turnout in 2016, with 9,009,850 ballots already cast compared to 8,969,226 in the last presidential cycle.

Why it matters: The state's 38 Electoral College votes are in play — and could deliver a knockout blow for Joe Biden over President Trump — despite the fact that it hasn't backed a Democrat for president since 1976.

Wall Street braces for more turbulence ahead of Election Day

Illustration: Eniola Odetunde/Axios

Wall Street is digging in for a potentially rocky period as Election Day gets closer.

Why it matters: Investors are facing a "three-headed monster," Brian Belski, chief investment strategist at BMO Capital Markets, tells Axios — a worsening pandemic, an economic stimulus package in limbo, and an imminent election.

Dave Lawler, author of World
4 hours ago - World

How Biden might tackle the Iran deal

Photo illustration: Aïda Amer/Axios. Photo: Drew Angerer/Getty Images

Four more years of President Trump would almost certainly kill the Iran nuclear deal — but the election of Joe Biden wouldn’t necessarily save it.

The big picture: Rescuing the 2015 Joint Comprehensive Plan of Action (JCPOA) is near the top of Biden's foreign policy priority list. He says he'd re-enter the deal once Iran returns to compliance, and use it as the basis on which to negotiate a broader and longer-lasting deal with Iran.

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